Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3) Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct Labor Administrative expenses Manufacturing overbead applied to work in process Actual manufacturing overbead coat $ 212,000 $ 266,000 2 $ 157,000 $369,000 $ 357.000 Inventory balances at the beginning and end of the year were as follows: kaw materials Work in process Finished goods Beginning $ 51,000 2 $ 37,000 Ending $ 35,000 $ 25,000 2 The total manufacturing costs added to production for the year were $685,000, the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $664.000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an Income statement for the year Superior Company Income Statement Ces 0 Selling and administrative expenses 0 COGS Schedule > Complete this question by entering your answers int tabs below. Income COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured K COGS Schedule COOMS Help Save & Ex 1 Chec Problem 34-4 (Algo) Transaction Analysis (LO3-5) int Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1is as follows: Morrison Company Balance Sheet January 1 Assets Cash $ 42,150 Raw materiale $13, 400 Work in process 4.600 Finished goods 20,400 38,400 Prepaid expenses 2,675 Property, plant, and equipment (net) 182.000 Total assets $269,225 Liabilities and stockholders' Equity Accounts payable $ 9.000 Retained earnings 256,225 Total liabilities and stockholders' equity 9265225 Cocos During January the company completed the following transactions: a. Purchased raw materials on account, $85.200. b. Raw materials used in production, $93.400 ($77,600 was direct materials and $15,800 was indirect materials). c. Pald $181.300 of salaries and wages in cash ($104,800 was direct labor, $37,650 was indirect labor, and $38,850 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account to support production, $33,150 e. Depreciation recorded on property, plant, and equipment, $86,800 (70% related to manufacturing equipment and 30% related to assets that support selling and administration) + Various selling expenses paid in cash, $28.850. 9. Prepaid insurance expired during the month, $1.650 (80% related to production, and 20% related to selling and administration) UR uu 9. Prepaid insurance expired during the month, $1,650 (80% related to production, and 20% related to selling and administration), h. Manufacturing overhead applied to production, $146,800. 1. Cost of goods manufactured, $300,500. J. Cash sales to customers, $411,240. k. Cost of goods sold (unadjusted). $296,600. L. Cash payments to creditors, $65,200. m. Underapplied or overapplied overhead_$? Required: 1. Calculate the ending balances that would be reported on the company's balance sheet on January 31st (Hint: Be sure to calculate the underapplied or overapplied overhead and then account for its affect on the balance sheet) 2. What is Morrison Company's net operating income for the month of January? ences Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 1 Required 2 Check my work Calculate the ending balances that would be reported on the company's balance sheet on January 31 (Hint: Be sure to calculate the underapplied or overapplied overt account for its affect on the balance sheet.) (Amounts to be deducted should be indicated by a minus sign.) Morrison Company Transaction Analysis For the Month Ended Jaunary 31 Raw Work in Finished Manufacturing Prepaid Cash Materials Process Goods Overhead Expenses PP&E (net) - $ 42,150 $ 13.400 $ 4.600 $ 20.400 $ 0 $ 2,675 $ 182,000 - Accounts Retained Payable Earnings $ 9,000 S 256 225 Transactions Beginning balances 1/1 (a) Raw material purchases (b) Raw materials used in production c) Salaries and wages (d) Various overhead costs (e) Depreciation (1) Various selling expenses (9) Expiration of prepaid insurance (h) Manufacturing overhead applied Cost of goods manufactured Sales ) Cost of goods sold 00 Payments to creditors (m) Ending balances @ 131 Required 2 > Required 1 Required 2 What is Morrison Company's net operating income for the month of January? Net operating income Required 1 More